Globalization And Economic Analysis

As globalization continues to increase, many countries and their individuals become affected by what globalization has entailed. Globalization is the interdependence and interconnectedness of countries in which worldwide exchange of money, goods and services occur (Ravelli and Webber 2015. 371). As well, it is also responsible for many social arrangements based on geographic location due to the transnational spread of people and information (Ravelli and Webber 2015. 371). Technological innovations has enabled and promoted worldwide trade, creating more efficient and faster transportation of goods and social and cultural exchange (Ravelli and Webber 2015. 376). Economic factors of globalization such as the expansion of trade and the emergence …show more content…
Globalization has led to issues concerning health, increasing social stratification and labour exploitation. Infectious diseases can be easily spread from country to country through advance technologies of international travel and trade (Ravelli and Webber 2015. 373). Globalization creates a global order that defines countries according to its wealth or poverty (Ravelli and Webber 2015. 374). The dependency theory suggests that globalization has maintained and enhanced the world of some countries while creating poverty in others (Ravelli and Webber 2015. 386). Since command economies manage the production and distribution of goods, these economies increasingly stratifies countries by assuring that undeveloped, underdeveloped and developing countries stay poor, and developed countries increase their wealth (Ravelli and Webber 2015. 374). This global stratification forces poor countries to become reliant on the rich and industrialized countries to buy their goods (Ravelli and Webber 2015. 374). The imports and exports of the Third World or Global South become more important than the needs of their own nations (Bunjun). Dependency can also occur within industrialized countries to people that are entered in precarious employment where they receive a loss of a social safety net (Bunjun). Employees with insecure occupations are most of the time temporary or casual part-timers or under a contract that experiences a lack of benefits, lack of promotion or growth within their sector and labour exploitation (Bunjun). In the documentary Made in L.A (2013), the textile workers experience long hours of strenuous work including overtime for less than $200 a week. These workers were not allowed to eat or go to the washroom during their shift. As well, their working environment was very unsanitary and untreated with rats and roaches roaming around. This labour